Essex Realty Group, LLC is exclusively engaged to market for sale The Portage Theater (4054 N. Milwaukee Ave.) — a historic landmark and extraordinary investment opportunity located in Portage Park’s famed Six Corners district.
Built in 1920, this iconic property offers approximately 22,590 square feet of theater space, with a current seating capacity of around 1,900. Its distinctive architecture and storied past make it a centerpiece for cultural and entertainment ventures, while recent improvements — including a new roof, parapet walls, and tuckpointing — ensure a solid foundation for future development.
Beyond the theater, the property features a dramatic 3,697-square-foot loft on the second level with soaring ceilings, perfect for conversion into a separate venue or a distinctive residential unit suited for long or short-term rentals. Additionally, two street-level retail spaces, generate $3,648.69 per month in total rental income. These spaces may be included in the sale or sold separately. As a designated landmark, the property may qualify for historic tax credits covering up to 20% of project costs, as well as other grants and energy-efficiency funding through PACE. These incentives enhance the property’s appeal as an exceptional investment.
Survey and existing plans are attached under Additional Information, and more detailed conceptual plans are available upon request. Separately, various open violations exist at the property.
Situated in the vibrant neighborhood of Portage Park, the theater benefits from a revitalized commercial district with bustling retail corridors, strong residential demand, and excellent transit access. Combining historical significance with redevelopment potential, The Portage Theater presents a one-of-a-kind investment opportunity
Portage Park is a vibrant community on Chicago’s northwest side, bordered by Jefferson Park and Forest Glen to the north, Dunning to the west, Irving Park to the east, and Belmont-Cragin to the south.
The neighborhood is renowned for its 36-acre namesake park, which has a storied history as the host of the 1959 Pan-American Games and the 1972 U.S. Olympic swimming trials. Another key attraction is the bustling Six Corners retail corridor, where Irving Park Road, Cicero Avenue, and Milwaukee Avenue converge. Once a historic shopping district, Six Corners is experiencing a dynamic resurgence, with new development and revitalization projects bringing fresh energy to the area while preserving its unique charm.
The Portage Theater, located just steps from Six Corners, is ideally positioned for visitors from across the Chicago metro area. Convenient access to public transportation, including multiple bus routes along Belle Plaine Avenue and Milwaukee Avenue, makes it easy for attendees to reach the venue. The #56 Milwaukee bus stops just 450 feet from the theater, ensuring seamless travel for those coming from nearby neighborhoods to enjoy shows, concerts, and events.
Portage Park residents benefit from the perfect balance of urban amenities and neighborhood appeal, with convenient access to restaurants, entertainment, shopping, and major transportation options, including the Kennedy Expressway.
- Must Sell
- Cash Offers Only
- Minimum Bid: $750,000
- Tour Dates: Thursday (Feb. 6th), Friday (Feb. 7th) and Monday (Feb. 10th)
- Offers due Thursday, February 13th